Yes, it's real! Apple announced the iPad Mini today with a 7.9", 1024 x 768 display. It weighs just 0.68lbs. and is 7mm thin. In terms of internals, it's basically the iPad 2 with a dual core A5 5 CPU, 5MP rear camera and a front FaceTime camera. Pricing starts at $329 for the 16 gig WiFi only model with approximate availability on Nov. 2 (pre-orders start on Friday). Want a WiFi+ 4G LTE model? That will set you back $130 additional and will start shipping a few weeks after the WiFi version. The iPad Mini has dual band WiFi and Bluetooth. it's compatible with all iPad apps.

Here's the official announcement:

Apple today introduced iPad mini, a completely new iPad design that is 23 percent thinner and 53 percent lighter than the third generation iPad. The new iPad mini features a stunning 7.9-inch Multi-Touch display, FaceTime HD and iSight cameras, ultrafast wireless performance and an incredible 10 hours of battery life&#8213;every inch an iPad, yet in a revolutionary design you can hold in one hand. Apple today also announced the fourth generation iPad featuring a gorgeous 9.7-inch Retina display, new Apple-designed A6X chip, FaceTime HD camera and ultrafast wireless performance. Both iPad mini and fourth generation iPad come with iOS 6, the world’s most advanced mobile operating system with over 200 new features.

iPad mini comes in a beautiful new aluminum and glass design that is just 7.2 mm thin and weighs only 0.68 pounds. The 7.9-inch Multi-Touch display delivers the same iPad experience users have come to expect, in a design that has 35 percent more screen real estate than 7-inch tablets and up to an astonishing 67 percent more usable viewing area when browsing the web. The dual-core A5 chip delivers responsive graphics and a fast, fluid Multi-Touch experience, while still providing all-day battery life.

iPad mini features a front-facing FaceTime HD camera and a 5 megapixel iSight camera on the back with advanced optics for taking sharp still pictures and recording full 1080p HD video. The iSight camera includes video image stabilization and both cameras feature backside illumination to let users capture great pictures in low light. iPad mini also allows easy sharing of photos with friends and family using iCloud’s Shared Photo Streams.

iPad mini features dual-band 802.11n Wi-Fi support for speeds up to 150 Mbps, which is twice the Wi-Fi performance compared to previous iPad models. iPad mini is available in Wi-Fi + Cellular models which are world-ready with built-in support for ultrafast wireless standards, including LTE and DC-HSDPA, so you can browse, download and stream content fast from wherever you are. iPad mini data plans will be available with no contract so you can simply sign up and activate service directly from your iPad. The Personal Hotspot feature means you can share a fast cellular data connection via Wi-Fi, Bluetooth or USB with up to five other devices such as MacBook Pro, iPod touch or another iPad.

The new fourth generation iPad features the amazing 9.7-inch Retina display and includes a new Apple-designed A6X chip that delivers up to twice the CPU performance and up to twice the graphics performance of the A5X chip, all while delivering an incredible 10 hours of battery life in the same thin and light iPad design. Other new features include a FaceTime HD camera, twice the Wi-Fi performance when compared to previous iPad models and support for additional LTE carriers worldwide.

iPad mini and fourth generation iPad both feature support for the Lightning connector that is smaller, smarter and more durable than the 30-pin connector. Lightning connector accessories are available to support cameras, SD cards and VGA or HDMI digital video. Existing iPad Smart Covers and the iPad Smart Case are compatible with fourth generation iPad, and new polyurethane Smart Covers custom-designed for iPad mini are available in pink, green, blue, light gray, dark gray and (PRODUCT) RED for $39.

Pricing & AvailabilityiPad mini with Wi-Fi models will be available in black & slate or white & silver on Friday, November 2, for a suggested retail price of $329 (US) for the 16GB model, $429 (US) for the 32GB model and $529 (US) for the 64GB model. The fourth generation iPad with Wi-Fi models will also be available on Friday, November 2, in black or white for a suggested retail price of $499 (US) for the 16GB model, $599 (US) for the 32GB model and $699 (US) for the 64GB model. iPad mini and the fourth generation iPad will be sold through the Apple Online Store (www.apple.com), Apple’s retail stores, and select Apple Authorized Resellers in the US, Australia, Austria, Belgium, Bulgaria, Canada, Czech Republic, Denmark, Finland, France, Germany, Hong Kong, Hungary, Iceland, Ireland, Italy, Japan, Korea, Liechtenstein, Luxembourg, Netherlands, New Zealand, Norway, Poland, Portugal, Puerto Rico, Romania, Slovakia, Slovenia, Singapore, Spain, Sweden, Switzerland and the UK.

iPad mini with Wi-Fi + Cellular and fourth generation iPad with Wi-Fi + Cellular will start shipping a couple of weeks after the Wi-Fi models, beginning in the US on AT&T, Sprint and Verizon. iPad mini with Wi-Fi + Cellular will be offered for a suggested retail price of $459 (US) for the 16GB model, $559 (US) for the 32GB model and $659 (US) for the 64GB model. Fourth generation iPad with Wi-Fi + Cellular for AT&T, Sprint and Verizon will be offered for a suggested retail price of $629 (US) for the 16GB model, $729 (US) for the 32GB model and $829 (US) for the 64GB model. Additionally, iPad 2 is available at $399 (US) for the 16GB Wi-Fi model and just $529 (US) for the 16GB Wi-Fi + 3G model where they are sold now.